Nelly’s Q1 report was impressive with sales up 12% y/y, a gain of share in a challenging market and improvements in all of its key KPIs which boosted EBIT margin by 7.4pp y/y. With its Q1 report, Nelly confirmed that its new strategy is bearing fruit, which is by no means coming at the expense of top-line growth. We lift our mid-point fair equity value per share estimate to SEK 51 (48) with a range of SEK 38-64 (36-60) per share.

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